Section 5-28-24-4 - Loans to businesses by counties and municipalities; criteria; approval of loans by corporation(a) The corporation shall establish criteria to guide counties and municipalities in making loans to businesses.(b) The terms of the loans must include provisions stating that: (1) loans shall be restricted to enterprises that create new and permanent jobs;(2) loans may not exceed the greater of: (A) ten percent (10%) of the total investment; or(B) two hundred fifty thousand dollars ($250,000); and(3) the principal and interest on the loan must be repaid to the county or municipality.(c) All loans by a county or municipality under this chapter are subject to approval by the corporation.As added by P.L. 4-2005, SEC.34.